Prumentum Group, Inc., a San Jose, CA-based wealthtech company, closed $25m in Series A funding.
Backers included family offices representing some American entrepreneurial families.
Founded by former Cisco executive Marthin De Beer and serial entrepreneur Robert Wallace, Prumentum Group provides technology driven wealth management solutions.
In addition to the funding, the company also announced the acquisition of a significant equity stake in Plancorp LLC, a Registered Investment Advisory (RIA) firm with over $3.6 billion in assets under management (AUM). Plancorp is a fee-only financial planning firm providing financial planning and asset management services to high net worth individuals, families and institutions, as well as corporate retirement plan design and exit planning services for business owners looking to transition a business.
The strategic investment in Plancorp creates a Hybrid-Robo solution, pairing Artificial Intelligence and other technology from BrightPlan with human advisors to provide personalized financial planning and wealth management services direct to consumers at scale.